Nigeria in 1min: Economic, Business & Financial Headlines – 100415

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April 10, 2015 7:15 AM / Proshare News
 

NIGERIAN ECONOMY
ECOWAS common tariff begins tomorrow - FOLLOWING the expiration of the 30 days notice required under the Provisions of the Economic Community of West Africa Common External Tariff (ECOWAS-CET), the federal government has approved the implementation of the policy with effect from Saturday, April 11, 2015. Source Guardian Read More
 

Airline Operators Seek FG's Intervention over Bank Charges - Airline operators in Nigeria have called on the federal government to introduce a policy that will enable banks charge single digit interest rate on airlines for aircraft acquisition and running costs. Thisday Read More
 

Discovery Air loses N1bn in 4 months over license suspension -For four months that Discovery Air’s Air  Operator Certificate (AOC) has been grounded by the  Nigerian Civil Aviation Authority (NCAA) over customer service issues, the airline has lost about N1 billion in business deals. Source Daily Trust Read More
 

Indigenous Shipowners Want CVFF Managed By Maritime Bank - The Nigerian Shipowners Association (NISA) has called on the incoming government of General Muhammadu Buhari to consider using the controversial Cabotage Vessels Financing Fund (CVFF) to activate the regional Maritime Bank for effective management rather than leaving the fund in the custody of the Nigerian Maritime Administration and Safety Agency (NIMASA) which has failed to disburse the fund to indigenous shipping lines more than 10 years after the fund was set up. Source Leadership Read More
 

Unpaid salary: JUSUN to freeze Plateau, Benue states’ accounts - The Judiciary Staff Union of Nigeria (JUSUN) has commenced move to have the accounts of Plateau and Benue states frozen over the state’s alleged refusal to pay the salaries of court workers for five months now. Source THE NATION Read More
 

Nigeria Has Highest Number Of Out-of-school Children In The World – Report - The 2015 Global Monitoring Report (GMR) has revealed that Nigeria has the highest number of out-of-school children in the world and the figure is still increasing since 2000.Source Leadership Read More

 



POLICY / REGULATIONS

CBN Rolls Out Stiff sanctions to Dissuade Issuance of Dud Cheques - The Central Bank of Nigeria (CBN) has noted with great concern the impunity with which some customers of banks issue dud cheques on their accounts despite the provisions of the Dishonoured (Dud) Cheques Act of 1977 and CBN's recent directives to banks’ customers to desist from such practice. Source Proshare Read More

 
NDIC begins auction of failed 46 MFBs’ assets - THE Nigeria Deposit Insurance Corporation (NDIC) may have begun the process of auction of assets belonging to the liquidated 46 Microfinance banks in country. Source Guardian Read More
 

CBN, banks to bar bad debtors from purchasing forex - The Central Bank of Nigeria (CBN) and banks, under the aegis of the Bankers Committee yesterday have decided to bar bad debtors from purchasing foreign exchange in the interbank foreign exchange market. Source Vanguard Read More
 

NDIC advises Aso Savings on Union Homes acquisition - The Managing Director, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, has advised the management of Aso Savings and Loans Plc to ensure sound corporate governance in Union Homes Savings and Loans Plc. Source Punch Read More

 
The New SEC Rule on Trading in Unlisted Securities - TNI Q2/E2 - The Securities and Exchange Commission which is saddled with the responsibilities of market development and regulations as stated in the Investment & Securities Acts (ISA) 2007 has recently released a new rule on the trading of unlisted securities in the Nigerian Capital Market. Source Proshare Read More


CAPITAL MARKETS

Stocks regain stamina after 2days price correction - The equities market closed today on a positive note, as NSE ASI appreciated by 1.01% to close at 34,520.14basis points, compared with the -2.19% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.40% Source Proshare Read More


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MONEY MARKET

Naira/Dollar Differential rises on improved Demand - Today, the naira traded at N207 to a dollar and has exchanged above N200 since January 22nd, 2015. The Nigerian currency continues today on a downward movement following yesterday’s loss to halt a 4day gaining streak.. The official Naira/USD exchange rate, however, remains at N197/$1. Source Proshare Read More
 

BoI secures A- rating from Agusto & Co - The Bank of Industry (BOI) has secured a domestic credit rating of A- from Agusto & Co, a leading Nigerian credit rating agency. Source Guardian Read More
 

Post Election Bond Rally Stalls on Naira Concern - Nigeria’s post-election bond rally is stalling as foreign investors wait for a devaluation of the naira before buying the nation’s debt. Yields on benchmark naira bonds due March 2024 have climbed 61 basis points in the past three days after plunging 118 basis points on April 2, the day after Muhammadu Buhari of the opposition All Progressives Congress was announced the winner in a presidential election. Source Thisday Read More
 

Nedbank, IFC launch $50m facility for producers, traders - NEDBANK’S Capital division and the International Finance Corporation (IFC) have launched a $50 million working capital finance and warehouse scheme to help commodity traders and processors in sub-Saharan Africa (SSA) import agricultural commodities and export cash crops, with the first deal already having been signed with rice importers in Liberia. Source THE NATION Read More

 
MPC members restrained by timing of their meeting - a post meeting review - The personal statements of members of the monetary policy committee (MPC) from their last meeting on 23 and 24 March were unusually anodyne, for which the postponement of the elections to the end of the same week was to blame. Source Proshare Read More
 

BOND MARKET
Nigeria raises 183 bln naira in T-bills at lower yields - Nigeria raised 183.64 billion naira ($923 million) in Treasury bills with yields falling compared with the previous sale last month, the central bank said on Thursday. Source Reuters Read More
 

Afren says delays interest payment on 2019 bonds - Board has decided to utilise a 30 day grace period under its 2019 bonds with respect to approximately us$12.8m of interest due on 8 april 2015 pending completion of interim funding process Source text for Eikon: Further company coverage Source Reuters Read More
 

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INVESTORS NEWSBEAT
Fidelity Bank Conference Call and Earnings Presentation: The key takeaways - In the face of growing macro-economic instability, Fidelity Bank Plc closed the challenging year with strong earnings position, driven by improved balance sheet optimization and upward adjustment in retail lending rate. Source Proshare Read More
 

FCMB: Improved fundamentals drive 68.50% price recovery in 21wks - FCMB recorded an impressive bargain tendency to end the session with maximum gain of +9.8% as market halts 2days price correction. The stock hits a new high to close at N3.37 on growing demand, extending a 4-months gaining streak. Source Proshare Read More

 
FBH Holdings FY'14 Earnings Update: Strong Q4 numbers buoy earnings despite cost pressure - 21.3% growth in Gross earnings to N480.6bn largely driven by robust growth in non-interest income (up 66.1% to N111.8bn) Source Proshare Read More

 
Transcorp Plc FY'14 results - Jump in financial charges depress earnings - Transnational Corporation of Nigeria Plc (TRANSCORP), recently released its FY'14 results on the Nigerian Stock Exchange (NSE), reporting an EPS of 0.19kobo (FY'13 EPS: 12.71kobo).Source Proshare Read More
 

OANDO Energy Resources announces significant increase in reserves - Oando Energy Resources Inc. (“OER” or the “Company”) (TSX: OER), a company focused on oil and gas exploration and production in Nigeria, today announced its 2014 year-end summary Reserves and Resources for its assets in Nigeria. Source Proshare Read More
 

Stanbic IBTC Secures $90m Credit Line from FMO - Stanbic IBTC Bank said it has secured a $90 million line of credit facility from the FMO (NederlandseFinancierings- Maatschappijvoor Ontwikkelingslanden N.V). Source Thisday Read More
 

 

CORPORATE EARNING
UNITYBNK declares N3.62billion PAT in Q1'15 result,(SP:N0.50k) - Source Proshare Read More

 
PHARMDEKO declares N101million PAT in '14 Audited result,(SP:N2.13k) - Source Proshare Read More

 
MAYBAKER declares N63.3million PAT in '14 Audited result,(SP:N1.66k) - Source Proshare Read More

 
TELCOMs
Nigeria’s telecoms industry generates $9.8b in 2014 - NIGERIA’s burgeoning telecommunications sector generated $9.8 billion revenue in 2014.This figure was contained in a research material undertaken by Pyramid Research, where it further disclosed that the sector earned 6.8 per cent more revenue in 2014 than what it had in 2013. Source Guardian Read More
 

NATCOM pays balance of $252m for NITEL, MTEL - NATCOM Consortium has completed payment of the 70 percent balance of the bid price for the acquisition of the assets and business units of the Nigeria Telecommunications Plc (NITEL) and its mobile arm, Nigerian Mobile Telecommunication (MTEL). Source Daily Trust Read More
 

MTN quest for market dominance fuels Visafone acquisition bid - The Mobile Telephone Networks (MTN) Group Limited, the biggest telecommunications operator in Nigeria by market share, has begun the process of acquiring Visafone Communications Limited, in a strategic move to strengthen its foothold on Nigeria’s burgeoning internet market. Two sources conversant with the development told Bloomberg that the deal was within radar as the telecoms Source BUSINESSDAY Read More
 



PRODUCTS & SERVICES
UBA Deploys New IT Platform - The United Bank for Africa (UBA) Plc said its customers are set to experience new levels of superior banking services following its deployment of a new and improved information technology platform -Finacle 10x recently. Source Thisday Read More

 
Dangote oil refinery to boost Nigeria’s economic fortunes – Moghalu - The scheduled completion and take-off in 2017 of a major oil refinery under construction by the Dangote Goup, will boost Nigeria’s economic fortunes in the medium to long term, a former deputy governor of the Central Bank of Nigeria (CBN), Dr. Kingsley Moghalu, has said. Source Daily Independent Read More


FRAUDS & SCANDALS

Pension Task Team denies N195b fraud - The former Pension Reform Task Team (PRTT), led by Alhaji Abdulrasheed Maina, yesterday urged the President elect,  Gen Muhammadu Buhari (rtd), to ensure the prosecution of persons involved in pension scams. Source THE NATION  Read More

 
DSTV Ignores Court Order, Hikes Subscription Fees - Multichoice Nigeria, the operator of DSTV, has ignored the court order halting its hike in subscription fees and has gone ahead to enforce the new price at all of its outlets. Source Thisday Read More
 

POLITICS
Ijaw youths ask Buhari to implement confab report, sustain amnesty programme - CITING the need for unity and peaceful co-existence, the Ijaw Youth Council (IYC), has called on President-elect, Major-Gen. Muhammadu Buhari (rtd), to implement the recommendations of the National Conference and sustain existing structures set up to develop the Niger Delta in order to accelerate the economic development of the region. Source Guardian Read More
 

IMPEACHMENT: Ekiti House asks CJ to constitute probe panel - The face-off between members of the 19 All Progressives Congress, APC, in Ekiti State House of Assembly and the state governor, Mr Ayo Fayose yesterday took a new dimension as the lawmakers have formally written the Chief Judge of the state, Justice Ayodeji Daramola, to set up a seven man panel that would investigate the allegation of gross misconduct raised against Fayose and his deputy, Dr Olubunmi Eleka in the impeachment notice. Source Vanguard Read More
 

April 11 Elections: IGP Redeploys Mbu To Ogun - With less than 48 hours to the Governorship and State Houses of Assembly elections, the controversial police officer posted to oversee Lagos and Ogun states recently, Mbu Joseph Mbu, alongside 15 other Deputy Inspectors-General (DIG), was yesterday redeployed by the Inspector-General of Police, (IGP), Mr Suleiman Abba. Source Vanguard Read More
 

Using temporary voter card for polls constitutes offence – INEC - Prospective voters for tomorrow’s governorship and state Houses of Assembly elections should not approach polling units with temporary voter cards (TVCs), as doing that constitute an electoral offence, the Independent National Electoral Commission (INEC) warned yesterday. Source Daily Trust Read More
 

Police to Restrict Movement Tomorrow, Redeploys Top Officers - In a bid to further ensure safety and security in the gubernatorial and state Houses of Assembly elections billed to hold across the country tomorrow, the Inspector-General of Police (IG), Suleiman Abba, has ordered a restriction of vehicular movement in all the 36 states of the federation from 8a.m. to 5p.m. Source Thisday Read More
 

Guber polls: NYSC members flee Akwa Ibom - Some members of the National Youth Service Corps who are ad hoc staff of the Independent National Electoral Commission (INEC) in Akwa Ibom State have fled the state ahead of April 11 governorship and state house of assembly elections. Source THE NATION Read More
 

Lecturers storm INEC’s office over unpaid allowances - Lecturers  at the University of Calabar (UNICAL) who served  as Returning Officers in the March 28 elections, yesterday, stormed the office of the Independent National Electoral Commission (INEC) office in Calabar to protest non-payment of their allowances. Source THE NATION Read More
 

UN Launches $174m Appeal for Nigeria’s Boko Haram Refugees - The United Nations on Thusday  launched an appeal for $174 million in what it called “life-saving aid” for almost 200,000 Nigerians who have fled the country due to brutal attacks by Boko Haram jihadists. Source Thisday Read More
 



COMMODITIES
Petrol sells for N100 per litre in Kwara - A litre of petrol is still being sold for N100 in Ilorin and towns in Kwara State.Our correspondent, who monitored the situation in Ilorin on Thursday, observed that some filling stations remained shut, with the attendants claiming that they had no petrol for sale. Source Punch Read More
 

Nigeria Moves Crude Cargoes To Europe - Much of the crude oil cargoes from Nigeria is expected to be moved to Europe to seek for buyers.A glut of unplaced Nigerian crude is expected to flow to Europe hoping to find end user demand, according to Platt report. Source Leadership Read More


GLOBAL MARKET

Asian shares on track for weekly gain -  Asian shares advanced close to recent highs on Friday, and were on track for weekly gains, while the dollar gave up some of its overnight rise. Source Reuters Read More

 
M&A, car sales help European shares to highest since July 2007 - European shares rose to their highest in nearly eight years on Thursday on the prospect of more corporate deals, as well as figures showing a strong recovery in Europe's auto sector and robust German data. Source Reuters Read More

 
IFC plans up to $2 bln investment in Egyptian infrastructure, power - The World Bank's development arm plans to invest between $1.2 billion and $2 billion in Egypt over the next four years, including around the Suez Canal, its regional director told Reuters. Source Reuters Read More
 

South Africa's business confidence falls to 89.1 in March -  South Africa's business confidence index fell to a 3-month low of 89.1 in March from 92.8 in February, with the investment mood soured by the threat of labour stoppages and uncertainty over property right laws, a survey showed on Thursday. Source Reuters Read More
 

Botswana-De Beers diamond firm to cap output due to slow demand - Debswana Diamond Company, a joint venture between Botswana and diamond giant De Beers, will trim output as it waits for demand for the precious stone to recover, an executive said on Thursday. Source Reuters Read More
 

South Africa's rand on the ropes as rate hike expectations spur dollar - South Africa's rand reversed gains against the dollar on Thursday, after investors put behind them a recent raft of soft U.S. data to still price in the prospect of higher rates in the world's biggest economy. Source Reuters Read More
 

 

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